Central Group and its Hong Kong partner have struck a deal to purchase the existing site of the British embassy in Bangkok for £420 million (about 18.6 billion baht), the biggest land deal in the country's history.
The Foreign and Commonwealth Office (FCO) issued a statement to announce the deal yesterday.
According to the announcement, the 25-rai plot was sold to a joint-venture consortium of Central Group and Hongkong Land, a member of the Jardine Matheson Group.
It's the biggest property deal in Thai history and the FCO's biggest ever sale. The proceeds will be reinvested in the FCO's overseas estate and will fund 30-40 modernisation projects around the world.
The 25-rai plot is located in a prime location next to the Central Embassy mall near Phloenchit intersection.
Tos Chirathivat, chief executive of Central Group, earlier said the group "wants to develop a mixed-use project that links to our Central Embassy shopping project". The project would mark the biggest investment in the group's history.